Chegg raised $187.5 million pricing its deal late Tuesday at $12.50 a share, above the $9.50 to $11.50 a share range it had proposed. Now the stock is down 15% to $10.68 in its debut. The stock opened at $11, marking a rare occurrence of an IPO pricing above its expected range only to open down. (Typically a deal prices above its range because the company and its bankers see increased demand.)

Meanwhile, Extended Stay, backed by private-equity shop Blackstone Group, priced its offering at $20 a share, in the middle of its $18 to $21 range. It opened at $22.75 and was recently adding to gains, up 17% at $23.40.

The deal marks a quick turnaround for Extended Stay, which filed for bankruptcy protection in 2009, facing a heavy debt load after Blackstone sold the company to New York real-estate investor Lightstone Group for $8 billion in 2007. Blackstone, Centerbridge Partners and Paulson & Co. agreed to buy Extended Stay again in 2010 for $3.9 billion.

The IPO market has been heated in recent months, with Twitter Inc. last week marking the most excited deal of a strong year. IPOs tend to come in waves of enthusiasm, though investors and traders often say each deal is different. Chegg apparently proves that.